Not only are we in the field out helping families, we are also connected and “in tune” with many of the banks, and get a good pulse of things going on. I have a couple of things to discuss. The first being the homeowner that is 61 days late on the mortgage.
Need less to say this becomes a stressful time. This is the time the banks tend to start calling, sending letters etc….REMEMBER the bank is nothing but a DEBIT COLLECTOR and their only purposes is to SETTLE DEBIT with you and MINIMZE loss to them and their investors. You need to communicate with them, but keep that in mind. My belief at this time you need to speak with an ADVOCATE. Someone with knowledge that is looking to help provide information and OPTIONS. Information and options are what you need to make decisions, especially since you are responsible for a whole family. At this point there is no NOTICE OF DEFAULT, you realize you are behind, BUT you are hopeful to do a loan modification or something you have been working on may come through allowing you to catch up on the payments……I get it, and I have been there. THESE ARE CRUCIAL TIMES THOUGH, because there are more options for you. Lets discuss the Notice of Default.
Here is something that can be tricky. In the areas I work, the lender CAN technically send you into a Notice of Default stage after 31 days late on your mortgage! Typically you will see this happen after 61 or 91 days late. At this point THE CLOCK TICKS A LITTLE FASTER. You have 3 months and 21 days to bring the mortgage current and reinstate your loan. In most cases the lenders want full back payments and interest to do so. In previous markets this the stage you have heard of many many homeowners being in and staying in for a long period of time. We have all heard or know of stories of families living in there homes for a year or two years and nothing happens! I am here to tell you, DON’T BANK ON THAT IN FUTURE! If you have noticed banks are pushing people through the process now. If you are doing a loan modification, the banks are looking to push through the system faster with a DENIAL on your loan mod. The bigger banks (most of them) at point are offering you the OPPORTUNITY to try a short sale, and the window for you to try and succeed is much smaller OR they are pushing you to foreclosure. I am not saying you will never hear of someone going through a lengthy process or staying in a property with the bank doing nothing here in Santa Clarita (or anywhere else) but I AM SAYING THE TREND IS TO PUSH FORWARD FASTER.
These are the reasons you need an Advocate and you need to engage with one sooner than later. If you are having struggles and not sure were to turn about real information on a loan modification, short sale or what happens if you go to foreclosure. CONTACT US. We are advocates FOR YOU! www.elginandpilartalkrealestate.com or call us direct 661.290.3781. We are looking to help families just like yours.
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